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Why Tencent (TCEHY) Stock Is Advancing Today

NEW YORK (TheStreet) -- Shares of Tencent Holdings (TCEHY)are up 1.91% to $17.60 after the Hong Kong-based Internet company reported a 59% jump in second quarter profit as it offered more games and shopping to the billion users of its WeChat and QQ messaging applications, Bloomberg reports.

Net income was up to 5.84 billion yuan ($949 million) in the three months ended June from 3.68 billion yuan a year earlier, the company said. That compares with the 5.37 billion-yuan average of 11 analysts’ estimates compiled by Bloomberg.

Revenue increased 37% to 19.7 billion yuan as WeChat and the Mobile QQ service added a combined 321 million monthly active users. Online game revenue gained 46% from the previous quarter to 11.1 billion yuan. Online advertising sales surged 59% on revenue from video advertising and the impact of the soccer World Cup.